VinFast to begin construction on North Carolina factory this month

Vietnamese car maker VinFast will break ground on its $4 billion Chatham County factory next week, per a statement from the company Wednesday night.

Driving the news: VinFast will hold a ceremony on July 28 at the Moncure site, where it plans to build electric vehicles for the North American market by 2025.

Why it matters: The manufacturing facility could become one of the largest economic development projects in North Carolina's history, with the potential to hire up to 7,500 employees this decade.

• State and local governments have pledged more than $1.2 billion in incentives for the company if it meets hiring and investment goals.

Yes, but: VinFast faces an uphill battle to compete with Tesla and other automakers rushing EVs to market, Axios' Joann Muller reports.

• VinFast pulled plans to file an initial public offering earlier this year, and instead will go public through a merger with a special purpose acquisition company (SPAC) called Black Spade Acquisition Co., Reuters reported.
• It's pushed back its original production timeline from 2024 to 2025.
• And the company recalled the first batch of vehicles it delivered to the U.S. last year over a software error that was deemed a safety risk.